Anadarko reported that its third-quarter 2008 net income available to common stockholders totaled $2.165 billion, or $4.62 per share (diluted). Income from continuing operations totaled $2.164 billion, or $4.62 per share (diluted). The net income results include certain items affecting comparability that are typically excluded by the investment community in published estimates. In total, these items increased net income by approximately $1.399 billion, or $3.00 per share (diluted), on an after-tax basis.(1) Cash flow from continuing operations in the third quarter of 2008 was $3.520 billion, and discretionary cash flow totaled $1.132 billion.
"As illustrated by the highlights above, our third-quarter performance was very strong," Anadarko Chairman and CEO Jim Hackett said. "At one point during the quarter, we achieved a daily record for sales volumes of 600,000 BOE. Following major back-to-back hurricanes, our employees and contractors throughout our operating regions performed in an extraordinary fashion to safely overcome the impacts of the storms - enabling us to achieve a 9-percent increase in overall reported sales volumes over third-quarter 2007 and, for the seventh consecutive quarter, meet or exceed our volume guidance."
At Independence Hub, the company's largest producing platform in the Gulf of Mexico, production was restored within three days of Hurricane Ike. Anadarko also demonstrated notable growth in the Rockies with new daily production records in both the Greater Natural Buttes area of Utah, where sales volumes increased nearly 40 percent for the quarter compared to the previous year, and the Powder River Basin of Wyoming, where sales volumes for the quarter were up about 55 percent year-over-year.
Third-quarter 2008 sales volumes of natural gas, crude oil and natural gas liquids totaled 51 million BOE, or 552,000 BOE per day. Third-quarter 2008 natural gas sales volumes averaged 1.994 billion cubic feet per day. Oil sales volumes in the third quarter averaged 182,000 barrels per day, and natural gas liquids sales volumes averaged 38,000 barrels per day.
"We believe we have a strong capital structure and liquidity position," Hackett said. "We closed the quarter with a cash balance of nearly $2 billion, after completing the repurchase of $600 million worth of shares and retiring approximately $350 million of debt. Our $1.3 billion revolving credit facility remains undrawn, and we anticipate closing the divestiture of Peregrino during the fourth quarter, with net cash proceeds in excess of $1 billion. We expect to deliver upon our commitment to achieve our debt-to-cap target of between 25 percent to 35 percent by year end."
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